Joint Bookrunner
First Mid Bancshares, Inc.
Debt Capital Markets
Subordinated Notes
Transaction Details
- On October 6, 2020, First Mid Bancshares, Inc. (Nasdaq: FMBH) (the “Company”), the holding company for First Mid Bank & Trust, National Association, closed its $96.0 million public offering of Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2030
- The Notes bear a fixed rate of 3.95% for the first 5 years and a floating rate equal to a benchmark rate (expected to be Three-Month Term SOFR) plus 383 basis points thereafter, until the Notes mature on October 15, 2030
- The Company will have the option to redeem the Notes on or after October 15, 2025
- Net proceeds are expected to be used to fund a portion of the proposed acquisition of LINCO and for general corporate purposes
- Kroll Bond Rating Agency rated the Notes BBB
About the company
First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc. and First Mid Wealth Management Co. First Mid is a $4.5 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois and eastern Missouri and a loan production office in the greater Indianapolis area. Together, the First Mid team takes great pride in their work and their ability to serve their customers well over the last 155 years. More information about the Company is available on their website at www.firstmid.com.
Sources: Company Filings.
-
This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.
-
The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Fixed Income Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Fixed Income Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following link:
https://www.sec.gov/Archives/edgar/data/700565/000117184320006840/f424b5_100220.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.
“Stephens” is the brand name for a family of independent privately held financial services firms, including Stephens Europe Limited, which is authorized and regulated by the Financial Conduct Authority (Registered office 36-38 Cornhill, London, EC3V 3NG, Registered number 8817024) and Stephens Inc. which is regulated by the United States Securities and Exchange Commission and the Financial Industry Regulatory Authority (Home Office: 111 Center Street, Little Rock, AR USA, 501-377-2000). Stephens Inc. is a member of NYSE and SIPC. For more information, visit www.stephens.com. © 2020 Stephens